Overview
Founded in 2014, Binomo is operated by Dolphin Corp. The company’s headquarters is located in the St. Vincent and the Grenadines. With more than 900,000 active daily traders, as well as more than 50,000,000 executed trades every week, Binomo has been ranked as one of the biggest binary option brokers.
Binomo is an online binary option broker with the goal of providing an exceptional trading platform that gives a broad selection of investment options. With some of the most effective trading fees and investment options available, Binomo has to offer analytical tools that can be used for both experienced and novice investors.
Utilizing the latest technologies, the Broker has received recognition for the excellence of their services and nominated for numerous awards.
The broker offers online binary option trading services to the clients from all over the world and is among the most sought-after brokers for traders coming from East Europe and Southeast Asia.
Is Binomo Regulated?
For online traders, it’s essential to make sure that the platform you use is safe and controlled by a trusted financial authority. Binomo is a member of the International Financial Commission (IFC) that contributes a certain level security and reputation to the broker. The IFC gives traders protection through compensation fund of up to EUR20.000 for disputes and provides a certain amount of protection for your investment.
Binomo Trading Platform
Binomo offers a feature-rich trading platform that caters to the needs of both novice and experienced traders. In this review, we will explore the various aspects of Binomo’s trading platform, including its functionality, usability, charting tools, and overall trading experience.
Binomo’s trading platform combines power and user-friendliness, providing traders with a comprehensive trading experience. With its intuitive interface, diverse range of assets, robust charting tools, and risk management features, Binomo offers traders the tools they need to navigate the financial markets effectively. Whether accessed through the desktop platform or mobile app, Binomo’s trading platform caters to the needs of traders at various skill levels, making it a compelling choice for those seeking a reliable and feature-rich trading experience.
Binomo Account Types
Similar to the competitors on the scene, Binomo offers three different account levels to its customers, based on account size. If you are looking to upgrade your account status, there is no need to deposit any extra money. In addition, deposit limits are based on the time of funding rather than a single deposit.
- Demo Account: It is a risk-free account that comes with $1,000 of virtual money to practice trading strategies and get familiar with the trading platform.
- Standard Account: Needs the deposit to be at least $10. It also gives access to all of the features on the platform and various educational tools.
- Gold Account: Needs the deposit to be at least $500. It also comes with additional benefits like greater payouts, faster withdrawals and a dedicated account manager.
- VIP Account: Requires a minimum funding of $1000, which includes all Gold Account advantages and access to tournaments for VIPs and higher limits on trades.
Assets
Binomo offers a variety of asset types for trading on their platform. Here are some of the main asset categories available:
- Currency Pairs: Binomo allows trading on major currency pairs such as EUR/USD, GBP/USD, USD/JPY, and more. These pairs are popular among forex traders and provide opportunities for speculation based on the relative strength of different currencies.
- Stocks: Traders can also engage in stock trading on Binomo. The platform offers a selection of well-known company stocks, including Apple, Google, Amazon, Facebook, and others. This allows traders to speculate on the performance of individual stocks without owning the underlying asset.
- Commodities: Binomo provides access to various commodity markets, allowing traders to participate in the price movements of commodities such as gold, silver, oil, natural gas, and more. Commodity trading can be influenced by factors like supply and demand dynamics, geopolitical events, and economic indicators.
- Indices: Binomo enables trading on popular stock market indices from around the world, such as the S&P 500, Dow Jones Industrial Average, FTSE 100, and Nikkei 225. Traders can take positions on the overall performance of these indices, which are composed of multiple stocks.
- Cryptocurrencies: Cryptocurrency trading has gained significant popularity, and Binomo recognizes this by offering various cryptocurrencies for trading. Traders can speculate on the price movements of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and others.
It’s worth noting that the specific assets available for trading may vary depending on the region and regulatory restrictions. Binomo strives to offer a diverse range of assets to cater to the preferences and trading strategies of their users. Traders should review the platform to get the most up-to-date information on the available asset types.
Binomo Fees and Payouts
Binomo does not charge any fees related to keeping an active account or making use of Binomo’s trading platform. There are some charges that apply, including 10% tax on withdrawals that are made before the deposit amount is traded at least twice and the broker has the right to terminate an account and take the remaining balance in case of 6 months of no activity. There are no charges for withdrawals.
Payouts are as high as 87 percent for account holders with VIP status who have deposited at least $1000. The payout decreases to 86% in the case of Gold account holders, who are required to deposit at least $500. The payouts for all other types of accounts can reach the maximum of about 80 percent. Binomo’s payout ratios could be considered as favorable compared to other binary option brokers in the market.Binomo Withdrawal and Deposit Methods
When choosing a trading platform, it’s crucial to consider the available deposit and withdrawal methods. Binomo understands the importance of seamless and secure transactions for its users. In this review, we’ll explore the deposit and withdrawal methods offered by Binomo, focusing on their convenience, reliability, and security.
Binomo provides a range of deposit methods to accommodate the diverse needs of its users. Here are some of the commonly offered options:
- Bank Cards: Traders can fund their Binomo accounts using major credit and debit cards, such as Visa and Mastercard. This method offers convenience, as most individuals have access to these cards. Deposits made through bank cards are typically processed quickly, allowing traders to start trading without delays.
- Electronic Wallets: Binomo supports popular e-wallet services like Neteller, Skrill, and WebMoney. These digital payment systems offer a fast and secure way to deposit funds into a trading account. E-wallets are known for their user-friendly interfaces and widespread acceptance, making them a popular choice among traders.
- Cryptocurrencies: In line with the growing popularity of cryptocurrencies, Binomo also allows deposits through selected digital currencies. Traders can use Bitcoin, Ethereum, and Litecoin to fund their accounts. Cryptocurrency deposits offer decentralization, fast transactions, and a level of anonymity, appealing to those who prefer using digital assets.
Binomo prioritizes the convenience and security of withdrawals, ensuring that traders can easily access their funds. Here are the withdrawal methods commonly offered by Binomo:
- Bank Cards: Traders can withdraw their funds back to the same bank card used for deposits. This method offers simplicity and familiarity for users. However, it’s important to note that the availability of this option may depend on the card issuer’s policies.
- Electronic Wallets: Similar to the deposit process, Binomo allows withdrawals to be made to e-wallets like Neteller, Skrill, and WebMoney. This method is popular due to its speed and convenience. Traders can expect relatively quick processing times for e-wallet withdrawals.
- Bank Transfers: For larger withdrawals or in cases where other methods are not available, Binomo facilitates withdrawals through bank transfers. This method involves transferring funds directly to the trader’s bank account. While bank transfers may take longer to process, they are a secure option for withdrawing significant amounts.
Binomo emphasizes the security of financial transactions. They implement advanced encryption protocols and security measures to safeguard users’ personal and financial information. This ensures that deposits and withdrawals are protected from unauthorized access.
Furthermore, Binomo adheres to strict regulatory guidelines and complies with anti-money laundering (AML) policies. This commitment enhances the platform’s reliability and instills confidence in traders, knowing that their funds are handled with integrity.
Binomo Customer Support
Customer service is an essential aspect of any trading platform, and Binomo strives to provide a satisfactory experience for its users. Here’s an overview of the customer services offered by Binomo:
- Multilingual Support: Binomo understands the importance of catering to a global audience, and as such, they offer customer support in multiple languages. This ensures that traders from different regions can communicate their concerns and queries effectively.
- Live Chat: Binomo provides a live chat feature that allows users to connect with customer support representatives in real-time. This instant messaging system enables traders to receive prompt assistance for their inquiries or issues. Live chat is particularly beneficial for addressing urgent matters and obtaining quick resolutions.
- Email Support: In addition to live chat, Binomo offers email support for users who prefer to communicate through written correspondence at support@binomo.com. Traders can send detailed explanations of their concerns or seek clarification on specific topics. While email responses may take longer than live chat, Binomo aims to provide timely and comprehensive replies to all queries.
- Educational Resources: Binomo understands the importance of empowering traders with knowledge and skills. They provide an extensive range of educational resources, including tutorials, video courses, webinars, and articles. These resources cover a wide range of trading topics, from basic concepts to advanced strategies, and can help traders enhance their understanding of the financial markets.
- FAQ Section: Binomo maintains a comprehensive FAQ (Frequently Asked Questions) section on their website. This section addresses common queries and concerns that traders may have regarding account management, trading processes, deposit and withdrawal procedures, and more. The FAQ section serves as a valuable self-help resource that enables users to find quick answers to their questions.
- Mobile App Support: Binomo offers a mobile trading application for both iOS and Android devices. Traders can access customer support directly through the mobile app, allowing them to seek assistance or resolve issues while on the go.
Binomo aims to provide efficient and responsive customer support to ensure a positive user experience. Traders can reach out to the support team with their questions, concerns, or technical issues and expect assistance to help them navigate the platform and address their needs effectively.
Final Thoughts on Binomo
Binomo is a reputable binary options broker with a user-friendly trading platform, a diverse range of tradable assets, and multiple trading options. The availability of educational resources and a demo account enhances the learning experience for traders, especially beginners. With responsive customer support and proper regulation, Binomo aims to provide a secure and reliable trading environment. However, it’s important to note that trading binary options carries inherent risks, and traders should exercise caution and educate themselves before engaging in such speculative activities.